Borders Group, with its Chain of Bookstores, to File for Bankruptcy This Month?

Borders Group Inc. with its chain of bookstores, may file for bankruptcy this month as reported by International news sites, January 1, 2011.

Financial experts say that Borders’ financial woes and drop in sales can be due to its late utilization of digital media, like electronic books, and the like. Barnes & Noble its closest competitor has been ahead of the race because it was able to maintain sales by adapting the digital method that many consumers now use.

Being second to Barnes & Noble, Borders maintains hundreds of book stores in the U.S. The change of leadership under Ron Marshall did not prevent the company’s downward trend. Marshall was appointed as CEO and president last January 2010.

With the impending filing of bankruptcy, Borders announced that they will be closing some 200 Waldenbooks chains all over the country, and as customary, the unsold books would be trashed. Borders however, partnered with Gifts in Kind International network, when certain concerned groups campaigned against the trashing of the unsold books.

Borders Group Inc. now has announced that they are happy with the partnership and that they will donate 50,000 individual items to the different charities under Gifts in Kind International.